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Crane Co., Stamford, CT, a diversified manufacturer of highly engineered industrial products, reported second quarter sales
of $545.5 million, down 21% from second quarter 2008. Profit declined 53% to $27.8 million.
The company eliminated
270 positions during the quarter, bringing total headcount reductions to 1,900, or 16%, since year end 2007. Additional reductions
are expected in the second half of the year.
Year-to-date, sales were $1.1 billion, down 20% from 2008. Profit
declined 52% to $51.1 million.
Segment Results
Sales in the Aerospace & Electronics segment declined
11% during the second quarter to $147 million, a result of significant declines in demand in the Aerospace Group. Demand in
Electronics improved slightly during the period.
Engineered Materials ...
Crane Co., Stamford, CT, a diversified manufacturer of highly engineered industrial products, reported second quarter sales
of $545.5 million, down 21% from second quarter 2008. Profit declined 53% to $27.8 million.
The company eliminated
270 positions during the quarter, bringing total headcount reductions to 1,900, or 16%, since year end 2007. Additional reductions
are expected in the second half of the year.
Year-to-date, sales were $1.1 billion, down 20% from 2008. Profit
declined 52% to $51.1 million.
Segment Results
Sales in the Aerospace & Electronics segment declined
11% during the second quarter to $147 million, a result of significant declines in demand in the Aerospace Group. Demand in
Electronics improved slightly during the period.
Engineered Materials segment sales declined 43% to $41.8 million,
reflecting significantly lower demand from recreational vehicle, transportation and, to a lesser extent, building products
end markets.
Total Merchandising Systems sales were $73.3 million, a decrease of 37%, reflecting a sharp decline
in both Vending Solutions and Payment Solutions sales. The company has made good progress and remains on track to complete
the previously announced consolidation of its vending machine production from St. Louis, MO, into its Williston, SC, facility
by year end. Merchandising Systems headcount has been reduced approximately 20% compared to year end 2007 levels.
Second quarter 2009 sales in the Fluid Handling segment decreased 13% to $263.1 million, including a 15% decline of core
sales.
Controls segment second quarter 2009 sales declined 46% to $20.3 million, reflecting significant deterioration
in the oil & gas and transportation end markets.
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